https://arab.news/8y35r
- Parallel market Nomu shed 117.01 points to close at 25,616.92
- MSCI Tadawul Index gained 3.47 points to 1,480.13
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 18.29 points or 0.15 percent, to close at 11,885.66.
The total trading turnover of the benchmark index was SR5.71 billion ($1.52 billion), as 131 stocks advanced, while 97 retreated.
Nomu, the Kingdom’s parallel market, shed 117.01 points to close at 25,616.92, while the MSCI Tadawul Index gained 3.47 points to 1,480.13.
The best-performing stock on the main index was Naseej International Trading Co., as its share price soared by 9.57 percent to SR71.
The share price of Saudi Arabian Mining Co., also known as Ma’aden, surged by 6.61 percent to SR41.95, backed by the company’s signing of a non-binding agreement on Sept.16 with Aluminium Bahrain B.S.C., or Alba, to potentially create a global aluminum producer.
The worst performer was Al-Baha Investment and Development Co. The company’s share price dropped by 5.56 percent to SR0.17.
Al-Modawat Specialized Medical Co. led the gains on the Kingdom’s parallel market, with its share price jumping 9.89 percent to SR16.
Molan Steel Co. and Academy of Learning Co. were also among the top performers on Nomu, with their shares rising 5.79 percent and 3.69 percent, respectively.
Saudi Arabia’s Capital Market Authority approved its first exchange-traded fund tracking Hong Kong equities on Sept. 16, marking a step forward in strengthening ties between Beijing and Riyadh.
In a statement, the CMA announced it had approved asset manager AlBilad Investment Co.’s request to list the “Albilad CSOP MSCI Hong Kong China Equity ETF” on the Saudi Stock Exchange.
This development follows Hong Kong’s launch of an ETF in November 2023 that tracks the performance of the Saudi index.
In May, Michael Wong, Hong Kong’s deputy financial secretary, announced that the province was collaborating with Saudi Arabia to develop an ETF tracking Hong Kong’s local stock indices.
The Saudi Investment Bank announced plans to establish a US dollar-denominated Tier I sukuk program, capped at $1.5 billion.
In a bourse filing, SAIB noted that the issuance aims to meet the bank’s financial and strategic objectives, subject to regulatory approval and in accordance with relevant laws and regulations.